<![CDATA[<figure class="image"><img src="https://cimg.co/news/126566/334168/adobestock-462986922.jpeg" alt="The SEC&amp;amp;amp;#039;s changing views on Bitcoin ETF approval" srcset="https://cimg.co/news/126566/334168/responsive-images/adobestock-462986922___media_library_original_5000_2500.jpeg 5000w, https://cimg.co/news/126566/334168/responsive-images/adobestock-462986922___media_library_original_1200_600.jpeg 1200w, https://cimg.co/news/126566/334168/responsive-images/adobestock-462986922___media_library_original_900_450.jpeg 900w, https://cimg.co/news/126566/334168/responsive-images/adobestock-462986922___media_library_original_720_360.jpeg 720w, https://cimg.co/news/126566/334168/responsive-images/adobestock-462986922___media_library_original_600_300.jpeg 600w, https://cimg.co/news/126566/334168/responsive-images/adobestock-462986922___media_library_original_300_150.jpeg 300w" sizes="100vw" width="5000" class="content-img"><figcaption>Mike Novogratz discusses the SEC's changing views on Bitcoin ETF approval and what it could mean for the crypto industry in 2023. Image by <a href="https://stock.adobe.com/ca/contributor/209708186/parradee?load_type=author&amp;prev_url=detail">Parradee</a>, Adobe Stock</figcaption></figure>Today, Galaxy Digital's CEO Mike Novogratz shared insights on SquawkBox that signal a potential change in the SEC's stance on Bitcoin ETF approval. According to Novogratz, the SEC is showing signs of potentially approving a spot Bitcoin ETF by the year-end.&nbsp;<a href="https://twitter.com/SquawkCNBC/status/1714620507629236687">Novogratz's comments</a> came in the wake of the <a href="https://cryptonews.com/news/sec-decision-not-appeal-boosts-odds-for-grayscale-bitcoin-trust-gbtc-etf-conversion.htm">SEC's recent decision not to appeal a court ruling involving Grayscale</a>, a move that could be indicative of a more favorable climate for Bitcoin ETFs.<h2 id="changing-tides-in-the-sec-s-approach">Changing Tides in the SEC's Approach</h2>"You have a futures ETF, and you're saying you can't have a cash ETF. That makes, intellectually, zero sense," said Novogratz, quoting a judge's decision in a legal battle between the SEC and Grayscale.&nbsp;<figure class="media"><oembed url="https://twitter.com/SquawkCNBC/status/1714620507629236687"></oembed></figure>He believes that this ruling has put the SEC in a tricky position, forcing it to reconsider its approach toward Bitcoin ETFs. As per the CEO, <a href="https://www.coindesk.com/policy/2023/09/26/us-house-lawmakers-push-secs-gensler-to-approve-spot-bitcoin-etf-immediately/">the SEC chairman Gary Gensler is under pressure</a> to act rationally in line with public demand.In the interview, Novogratz pointed out that the world's largest asset manager <a href="https://blockworks.co/news/blackrock-spot-bitcoin-etf-rumors">BlackRock is among those pushing for a change in crypto regulation</a> concerning Bitcoin ETF approval.&nbsp;The push isn't isolated to BlackRock; other major industry players like <a href="https://www.ft.com/content/f83d49a7-a08c-47e9-8a58-25a17ca0d9a4">Fidelity and Grayscale are also looking to make their mark in the Bitcoin ETF</a> race. The coordinated interests of these financial giants hint at an industry-wide anticipation for a more accommodating regulatory framework from the SEC.<h2 id="a-cautious-path-forward">A Cautious Path Forward</h2>While Novogratz's confidence in the impending approval may suggest a shift in regulatory climate, it's essential to acknowledge the context. <a href="https://twitter.com/WalkerAmerica/status/1714626528263221690">Some argue</a> that his vested interest in Bitcoin ETF approval and the asset's broader acceptance could color his views.&nbsp;<figure class="media"><oembed url="https://twitter.com/WalkerAmerica/status/1714626528263221690"></oembed></figure>Yet, public filings and comments on the Bitcoin ETF process have shown increased positivity, indicating a <a href="https://www.bloomberg.com/news/articles/2023-10-18/novogratz-says-bitcoin-etf-will-be-approved-this-year-by-the-sec?utm_source=google&amp;utm_medium=bd&amp;cmpId=google">fundamental change in how the SEC</a> thinks about these financial products.Novogratz stated that the market would likely respond favorably to a Bitcoin ETF approval, citing the commitment of major players like BlackRock, Invesco, and Fidelity. But this potential market reaction should be viewed as an insight into general sentiment rather than as a concrete forecast.In short, Mike Novogratz's statements highlight an industry in flux, with both optimism and caution intermingling as everyone from individual investors to financial behemoths await the SEC's next steps in crypto regulation. With growing calls for clarity and more accommodating rules, 2023 could potentially see a major decision.
]]>

Mike Novogratz Signals Bitcoin ETF Approval Could Be on SEC's 2023 Agenda

Table of Contents

Cryptonews.com

Other articles published on Oct 18, 2023

Stake.com’s $41M hack: Implications and lessons in crypto security

Bitcoin metrics ‘improve bullish odds’ as BTC price holds 200-week trendline

BitGo Acquires HeightZero to Strengthen Wealth Management Solutions

US Treasury sanctions Gaza-based crypto exchange

Almost 60K Korean Crypto-Holding Households Owe $389M in Unpaid Social Insurance Premiums

Chainalysis: Central, Northern, and Western Europe reported to be second largest crypto economy t...

Join our free newsletter for daily crypto updates!